Final answer:
To find the interest on a $9,000 loan for five months at an 11% interest rate, use the formula Interest = Principal × rate × time, resulting in $412.50.
Step-by-step explanation:
The correct answer is to calculate the simple interest on the loan, we use the formula: Interest = Principal × rate × time. First, convert the annual interest rate to a decimal by dividing by 100: 11% ÷ 100 = 0.11. Next, convert the time period from months to years since the rate is an annual rate: 5 months ÷ 12 months/year = 5/12 years. Now we can plug the values into the formula: Interest = $9,000 × 0.11 × (5/12).
To find the interest on a loan, we can use the formula: Interest = Principal × Rate × Time. In this case, the principal is $9,000, the rate is 11%, and the time is 5 months.
Plugging in the values, we get: Interest = $9,000 × 0.11 × (5/12) = $412.50.
Therefore, the interest on a loan of $9,000 for five months with a rate of 11% would be $412.50.
When you calculate this, the interest for five months on a $9,000 loan at an 11% annual rate is $412.50. This is found by multiplying $9,000 by 0.11 to get the annual interest and then multiplying by 5/12 to prorate that amount for the five-month term.